The morning news. [volume] (Savannah, Ga.) 1887-1900, 1887-12-22
BI-METALISM'SBLAC EYE
MR.. ATKINSON SEES NO HOPE OF
ITS ADOPTION AT PRESENT

No Indication Found in Europe That
the Subject Has Received Serious
Consideration Nor Is 1t Likely to
Right Away-The Plan Not Backed
by an Organized Body.
WASHINGTON, Dec. 2l.--The President
to-day transmitted to Congress the report
of Edward Atkinson, of Massachusetts,,
who, he says, twas specially designated by
me, under the provisions Of the act of Con
gress, TO visit the financial centres of
Europe, in order to ascertain the feasibility
of establishing by international standard a
tixity of ratio between the two precious
metals, i'll the free coinage of BOTH
Mr.. Atkinson's report, with its appen-
dices, makes a volume of $50 pages. He
summarizes the result of his inquiries under
four heads as follows:
!. There is no prospect of any change in the
present monetary system of European states,
which can modify or influence the financial
policy oftthe United States at the present time.
?. There are no indications of any change in
the policy of the financial authorities of the
several States visited by me which warrant any
expectation that the subject of a hi metallic
treaty for common legal tender. coupled with
the free coinage of silver will be seriously con
sidered at the present time by them.
3. There is no indication that the subject of
bi-metallism has received any intelligent or
serious consideration outside of small circle in
each country named as probable or possible
remedy for existing causes of alleged depres-
sion in trade.
4. There is no considerable politically organ
lied body of influential persons In either coun-
try with whom a combination could be made, II
such combination. or cooperation were de
sIphlp the similar hO1v In the
United States for promoting any definite or
practical measure of legislation 10 bring about
the adoption of the bimetallic theory according
10 the commonly accepted meaning Of that term.
Discussion Is as yet almost wholly personal and
without concentration of purpose and the pre-
sentaton or any well devised measure capable
Of being acted upon.
Mr.. Atkinson's most important conclusion
from his observations, is that it would be
unwise and inexpedient for the United
States again to take the initiative in pro-
noting action for the general adoption of
bi-metallic legal tender, coupled with free
coinage of silver, for the reason that such
action is misconstrued, and may tend to re-
tard, rather than TO promote the object
aimed at.
EXACT STATUS OF THE QUESTION.
Mr.. Atkinson continues:
The exa2 status of the question is as follows:
What is known as the bi-metallic theory of coin
age and legal tender may be said to be adhered
TO in principle by France, and by other mem
berS of the Latin union, but free coinage Of sill
YER cannot be resumed without the concurrence
of Germany. Spain, which does not belong to
the Latin union continued free coinage Of silver
until quite a recent period, but has been com
PEELED TO cease by the constant drain of gold.
Holland, as am informed, waits events under
acts which will enable her authorities TO main
tain the gold standard without future legsla'
tion If 1t should be imperlled There is some
Al ant a NIf hlIt M
in maintaining the present large volume OF
silver coin, which is of full legal tender, sub
stantially at par In gold. The volume Of this
currency Is large, but the habits of the people
Of the Latin union, especially Of France, render
a very large volume OF actual money In circula-
tion an absolute necessity, much larger per
capita, as compared with the amount in other
great commercial and manufacturing countries.
POOR PLACE FOR DEAD-BEATs.
Personal credit is very limited; the use of
checks, even for the payment of considerable
sums, such as rent of houses or apartments in
Paris, is almost unknown, The daily purchase
Of means of subsistence are paid for IN money,
and great sums are boarded. The payment of
so much of the indemnity required from France
by Germany after the Franco German war,
as was paid in actual coin, is
assumed to have been almost wholly derived
from boards OF coin previously held by people
who then subscribed In such ample measure for
rentes. Hence silver coin keeps in circulation
or is boarded, while the banks and bankers of
France are sustained Dy a very large reserve OF
gold. There is a strong minority of able men
Ia France, however. VINO advocate the mainte-
nance of a standard of legal tender IN gold coin
only.
Germany cannot, or will not take up consider
alton of any change in her present acts without
the concurrence of Great Britain Discussion of
the theory of bl-inetallism is actively continued
in an academical manner by the professors of
her universities but In March last, at a conven-
ton of delegates from various Chambers of
Commerce, which are very important repre-
sentative bodies. declared against any change
GREAT BRTTAfSs ATTITUDE.
Great Britain awaits the report or reports Of
the royal commission of gold and silver, which
has adjourned until autumn or winter after the
examination of sundry witnesse., whose testi-
monv has been published. 1t therefore
follows that so long as the present coinage of
the silver dollar of the United States iss CON
tinued no proposition for bi-metalic treaty for
full legal tender of silver coin can be entertained
by the European States, since they.will not con-
sider under any circumstances proposition for
recoinage os their own silver in order to adjust
it to the standard of the United States
In fact. the United States by maintaining the
present standard dollars, virtually declares 20
the public that IL requires sixteen ounces OF sill
yer to be equal to one ounce of gold. The
United States, therefore, to that extent discred-
its and depreclates silver bullion below the
standard formerly in force among the European
ounces of silver as the equivalent OF one ounce
United States, therefore, depreciates silver as
.a1 10 hn LYr nd ia "a